Why Did Frank Avellino's Fictitious Invesment Firm Just Go Poof?

Frank Avellino and Michael Bienes. They started raising money illegally for Madoff in the 60s and got busted in 1993. Relationship over, right? But Bienes just started pulling back from his Florida-based charities. And Avellino, well…

The Nantucket Inquirer and Mirror: A Nantucket summer resident with ties to disgraced Wall Street financier Bernard Madoff has been accused of defrauding his island house cleaner of her life savings.

Frank Avellino, who owns a $10 million Nantucket estate on Cliff Road, was sued Monday in Nantucket District Court by his house cleaner, Nevena Ivanova, who alleges that she handed over $124,000 to Avellino in 2006 which he now claims has been entirely lost.

Ivanova and her island attorney, Michael Wilson, successfully petitioned Judge Joseph I. Macy to impose a $124,000 real estate attachment on Avellino’s Cliff Road property, which he has just put on the market, according to court documents.


Hmm. Where might Avellino have parked his house cleaner’s money that it would’ve totally gone poof in the last few weeks?


(Via Bob Norman)


See Also:
Madoff’s Earliest Fundraiser Resigns From Arts Board

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